Slate Cheese Limited,Ltd - AccountsLtd - Accounts

Slate Cheese Limited,Ltd - AccountsLtd - Accounts

SLATE CHEESE LIMITED - Company Information

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2019-02-01 10305457 2020-01-31 10305457 2019-02-01 2020-01-31 10305457 uk-bus:RegisteredOffice 2019-02-01 2020-01-31 10305457 uk-bus:Director1 2019-02-01 2020-01-31 10305457 uk-bus:Director1 2020-01-31 10305457 uk-bus:Director2 2019-02-01 2020-01-31 10305457 uk-bus:Director2 2020-01-31 10305457 2019-01-31 10305457 2018-02-01 2019-01-31 10305457 uk-core:WithinOneYear 2019-01-31 10305457 uk-core:WithinOneYear 2020-01-31 10305457 uk-core:AfterOneYear 2019-01-31 10305457 uk-core:AfterOneYear 2020-01-31 10305457 uk-core:ShareCapital 2020-01-31 10305457 uk-core:ShareCapital 2019-01-31 10305457 uk-core:RetainedEarningsAccumulatedLosses 2020-01-31 10305457 uk-core:RetainedEarningsAccumulatedLosses 2019-01-31 10305457 uk-core:PlantMachinery 2019-02-01 2020-01-31 10305457 uk-core:ComputerEquipment 2019-02-01 2020-01-31 10305457 uk-core:CommercialMotorVehicles 2019-02-01 2020-01-31 10305457 uk-core:FurnitureFittings 2019-02-01 2020-01-31 10305457 uk-core:ComputerEquipment 2019-01-31 10305457 uk-core:FurnitureFittings 2019-01-31 10305457 uk-core:CommercialMotorVehicles 2019-01-31 10305457 uk-core:LeaseholdImprovements 2019-01-31 10305457 uk-core:CommercialMotorVehicles 2020-01-31 10305457 uk-core:FurnitureFittings 2020-01-31 10305457 uk-core:ComputerEquipment 2020-01-31 10305457 uk-core:LeaseholdImprovements 2020-01-31 10305457 uk-core:LeaseholdImprovements 2019-02-01 2020-01-31 10305457 uk-core:AfterOneYear 2019-02-01 2020-01-31 10305457 uk-core:MoreThanFiveYears 2020-01-31 10305457 uk-core:MoreThanFiveYears 2019-01-31 iso4217:GBP xbrli:pure 10305457 uk-bus:AuditExemptWithAccountantsReport 2019-02-01 2020-01-31 10305457 uk-bus:FRS102 2019-02-01 2020-01-31 10305457 uk-bus:FullAccounts 2019-02-01 2020-01-31 10305457 uk-bus:PrivateLimitedCompanyLtd 2019-02-01 2020-01-31
Slate Cheese Limited
Registered Number:10305457
For the year ended 31 January 2020
England and Wales
Report of the Directors and Unaudited Financial Statements
2
For the year ended 31 January 2020
Slate Cheese Limited
Contents Page
Company Information
1
2
Directors' Report
3
Independent Accountants' Report
4
Income Statement
5
Statement of Financial Position
6
Statement of Changes in Equity
7 to 10
Notes to the Financial Statements
3
For the year ended 31 January 2020
Slate Cheese Limited
Company Information
Clare Elizabeth Jackson
Directors
John Ormerod
10305457
Registered Number
138 High Street
Registered Office
Aldeburgh
Suffolk
IP15 5AQ
Numbers Accountancy Ltd
Accountants
Unit 1 Rendlesham Mews
Rendlesham
Suffolk
IP12 2SZ
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4
For the year ended 31 January 2020
Slate Cheese Limited
Directors' Report
The directors present their report and financial statements for the year ended 31 January 2020.
Principal activities
The principal activity of the company continued to be that of food retail.
Directors
The director who served the company throughout the year was as follows:
Clare Elizabeth Jackson
John Ormerod
Clare Elizabeth Jackson
Signed on behalf of the board of directors
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
Date:
29 April 2020
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5
For the year ended 31 January 2020
Slate Cheese Limited
Independent Accountants' Report
As described on the Statement of Financial Position you are responsible for the preparation of the financial
statements for the year ended 31 January 2020 and you consider that the company is exempt from an audit under the
Companies Act 2006. In accordance with your instructions, we have compiled these unaudited financial statements
in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and
explanations supplied to us.
Numbers Accountancy Ltd
Unit 1 Rendlesham Mews
Rendlesham
Suffolk
IP12 2SZ
Date:
29 April 2020
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6
For the year ended 31 January 2020
Slate Cheese Limited
Income Statement
2019
£
2020
£
Turnover
522,121
531,922
(310,015)
Cost of sales
(293,241)
221,907
Gross profit
228,880
Distribution costs
(11,870)
(13,047)
Administrative expenses
(265,055)
(347,423)
(48,045)
(138,563)
Other operating income
-
1,796
Operating loss
(48,045)
(136,767)
Exceptional profits/losses on disposal of fixed assets
-
(5,704)
(48,045)
(142,471)
Loss before taxation
(48,045)
Loss for the financial year
(142,471)
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7
As at 31 January 2020
Slate Cheese Limited
Statement of Financial Position
Registered Number :
10305457
£
£
2019
2020
Notes
Fixed assets
Property, plant and equipment
8,840
16,698
2
8,840
16,698
Current assets
Inventories
18,442
19,177
3
Trade and other receivables
35,381
33,017
4
33,414
Cash and cash equivalents
16,692
68,886
87,237
Trade and other payables: amounts falling due within one
year
(37,622)
(23,958)
5
49,615
44,928
Net current assets
Total assets less current liabilities
53,768
66,313
Trade and other payables: amounts falling due after more
than one year
(92,550)
(8,050)
6
45,718
Net assets/liabilities
(26,237)
Capital and reserves
Called up share capital
468,000
348,000
Retained earnings
(422,282)
(374,237)
45,718
(26,237)
Shareholders' funds
For the year ended 31 January 2020 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Section
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Clare Elizabeth Jackson
These financial statements were approved and authorised for issue by the Board on 29 April 2020 and were signed by:
The notes form part of these financial statements
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8
For the year ended 31 January 2020
Slate Cheese Limited
Statement of Changes in Equity
Share Capital
Retained
earnings
Total
£
£
£
Balance at 01 February 2018
348,000
(231,766)
116,234
-
(142,471)
(142,471)
Loss for the year
Balance at 31 January 2019 and 01 February
2019
(26,237)
(374,237)
348,000
Share issue during the year
120,000
-
120,000
-
(48,045)
(48,045)
Loss for the year
Balance at 31 January 2020
468,000
(422,282)
45,718
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9
For the year ended 31 January 2020
Slate Cheese Limited
Notes to the Financial Statements
Statutory Information
Slate Cheese Limited is a private limited company, limited by shares, domiciled in England and Wales, registration
number 10305457.
Registered address:
138 High Street
Aldeburgh
Suffolk
IP15 5AQ
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention and the
accounts have been prepared on a going concern basis. This assumes that the business can sucessfully return to
normal trading after the business disruption following UK Covid-19 pandemic restrictions. Further information is set
out in Note 10 - Subsequent events.
Intangible assets
Intangible fixed assets (company purhased goodwill) are included at cost less accumulated amortisation and impairment charges. Goodwill was fully impaired in 2018.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: Land & Buildings: This is tenants improvements which are stated at cost less depreciartion and impairments, these assets were fully impaired in 2018.
Plant and Machinery
15-25% Straight line
33% Straight line
Computer Equipment
25% Straight line
Motor Vehicles
15-25% Straight line
Furniture and Fittings
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10
For the year ended 31 January 2020
Slate Cheese Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Computer
Equipment
Furniture and
Fittings
Motor Vehicles
Land and
Buildings
£
£
£
£
£
Cost or
valuation
At 01 February 2019
169,965
16,953
48,604
2,895
101,513
At 31 January 2020
2,895
48,604
16,953
169,965
101,513
Provision for depreciation and impairment
At 01 February 2019
153,267
13,878
36,971
905
101,513
Charge for year
7,858
2,363
4,784
711
-
At 31 January 2020
161,125
16,241
41,755
1,616
101,513
At 31 January 2020
Net book value
-
1,279
6,849
712
8,840
At 31 January 2019
-
1,990
11,633
3,075
16,698
3. Inventories
2019
2020
£
£
Stocks
19,177
18,442
4. Trade and other receivables
2019
2020
£
£
Trade debtors
2,267
1,567
Other debtors
30,750
33,814
35,381
33,017
The debtors above include the following amounts falling due after more than one year:
Other debtors
20,000
20,000
Included in other debtors due after more than one year is the rental deposit of £20,000.
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11
For the year ended 31 January 2020
Slate Cheese Limited
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due within one year
2019
2020
£
£
Trade creditors
9,764
24,186
Taxation and social security
2,254
2,791
Other creditors
11,940
10,645
23,958
37,622
6. Trade and other payables: amounts falling due after more than one year
2019
2020
£
£
Other creditors
8,050
92,550
The director loan accounts amounting to £8,050 (2019: £92,550) are shown within other creditors.
7. Related party transactions
One of the leased properties with a current annual rental of £20,000 is leased from a party related to one of the
directors.
The Directors Loan accounts have been classed as Trade and other payables: amounts falling due after more than
one year, due to a formal agreement that states the loans are not repayable before 30 June 2021; the agreement
also states the loans are interest free.
8. Directors advances and guarantees
The directors received no advances, guarantees or remuneration in the year.
9. Guarantees and other financial commitments
Lease commitments
At 31 January 2020 the company had annual commitments under non-cancellable operating leases as set out
below:
2019
£
2020
£
Operating leases which expire:
After more than 5 years
40,000
40,000
40,000
40,000
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12
For the year ended 31 January 2020
Slate Cheese Limited
Notes to the Financial Statements Continued
10. Subsequent events
In February 2020 the shareholders provided an additional £20,000 in loan capital. These loans are not payable before 30 June 2021. In March 2020, in response to the outbreak of the Covid-19 pandemic, the government placed severe limitations on personal movement and operating restrictions on businesses. As a result, in late March one of the Slate shops were temporarily closed and the second is open for only limited hours and offering a limited range of products. The conditions are ongoing at the date of this report and there is no certainty when these restrictions will be removed. This is having a severe adverse impact on the operating performance and liquidity of the Company. The government has put in place several support measures which Slate is seeking to access. The accounts have been prepared on a going concern basis on the assumption that; Goverment support will allow Slate to continue to operate during the current restrictions and exit with resources to continue its' operations and after these events there will be a return to a normal level of business activity.
11. Average number of persons employed
During the year the average number of full time equivalent employees was 7 (2019 : 8)
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